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EC 301 Intermediate Macroeconomics
Gomez, Emilio


Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.

Course

EC 301 Intermediate Macroeconomics

Semester

F2E 2012 PE

Faculty

Gomez, Emilio

Title

Adjunct Faculty

Degrees/Certificates

B.A. Soviet Area Studies, Middlebury College, Middlebury, Vermont
M.A. Applied Economics, San Diego State University

Office Hours

After class or by appointment.

Daytime Phone

760.613.0595

E-Mail

emilio.gomez@park.edu

Semester Dates

10/22/2012 - 12/16/12

Class Days

--T----

Class Time

5:00 - 10:25 PM

Prerequisites

EC 141

Credit Hours

3


Textbook:
Macroeconomics, Robert J. Gordon, 12th edition ISBN 0321485513

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.

http://www.bls.gov
http://www.census.gov
http://www.bea.gov
http://www.oecd.org
http://www.nber.org
http://www.iadb.org

Course Description:
EC301 Intermediate Macroeconomics: This course begins with a review of national income concepts including national income accounting. It analyzes fiscal and monetary policy using the ISLM model. The primary course focus is on the critical analysis of fiscal, monetary, new Keynesian, and new classical models and their success in explaining economic stability and the stimulation of economic growth. Prerequisite: EC141. 3:0:3

Educational Philosophy:
It is my intent to impart my passion and excitement for economics with you. Economics is woven into the fabric of all other disciplines that it is difficult to ignore. In order to engage you and share some of my enthusiasm, this class will be held in a round-table discussion format. We will build upon your knowledge of the principles of macroeconomics, but go beyond it to explore and dissect the ideas of various economic schools of thought. As a result of current global economic events and all the fodder that it provides, there is no better time than the present to feel an urgency for knowing what is happening!!

To that end, we will discuss the material presented in our textbook and follow-up it with relevant "ripped-from-the-headlines" video soundbites. Your course assignments will not only test your rote comprehension of presented material, but will challenge your cognitive thinking and ability to infer cause and effect of following a particular economic course of action.

Your participation and enthusiasm will make the class enjoyable and fruitful both for you and your classmates.

Learning Outcomes:
  Core Learning Outcomes

  1. Explain the evolution of the monetarist and new classical theories.
  2. Describe how new-Keynesian theory justifies the Keynesian the Keynesian policy prescriptions.
  3. Explain the relationship between the government budget deficit and the trade deficit.
  4. Explain how national savings determines the trade deficit, not protectionism.
  5. Define supply-side economics and discuss how it explains the government spending deficit.
  6. Analyze graphically the AD-AS model, the Keynesian cross, and the IS-LM model. Identify all relevant curves and causes for shifts in the curves.


Core Assessment:
Write a paper analyzing the different approaches that might be used by Keynesian theorists and monetary theorists to promote long-run macroeconomic stability. Examine the impact of persistent budget deficits on the trade deficit and analyze the options available to policy makers when national savings presents opportunities to improve the trade deficit. Appraise the position of supply-side economists as it relates to government deficits. Evaluate recent national economic policies as they relate to the magnitude of the trade deficit and analyze the arguments for protectionist policies and the effect, if any, upon the trade deficit.

Link to Class Rubric

Class Assessment:

Homework Assignments

Your comprehension of class material, quiz and exam scores will be a direct reflection of how seriously you take your homework assignments. The problems are targeted to our discussions and will also be the basis for the quizzes and the final exam.

Your homework assignments are meant to be not only constructive exercises in which you apply what you've learned in class, but ALSO what you've learned from your reading the book and the lecture notes. 

Assignments are meant to recall your memory to what we've covered, but also to challenge you with questions that are in the realm of your understanding but require a bit more work on your part. You are not penalized for trying..............only for not trying.

  • There will be six (6) homework assignments, each worth 33.33 points for a total of 200 points and representing 20% of your total grade.
  • Homework will be assigned, reviewed and collected. You will receive full credit or partial credit based on whether every question is completed thoroughly. No short answers are allowed that are void of any procedures. This will constitute an incomplete assignment and subject to the terms in the next bullet point.
  • Students are to submit their assignments via the appropriate weekly “dropbox” by 5pm on Tuesday before class. Late assignment submissions will be granted on a rolling basis, meaning that 25% of the assignment’s worth will be deducted for every day it is late until it is worth zero points.
  • The answer-key to the assignments will be made available by Sunday at noon. You are not to use the answer key to copy & paste, rather than to verify your own answers. No plagiarism!!

 

Quizzes

  • Weekly quizzes, worth 50 points each, will consist of 20-30 multiple choice questions on the material presented during the prior session.
  • Quizzes will be available online weekly. Access to the weekly quizzes will end at 5pm on Tuesday prior to class.
  • Quizzes will not be timed. Rather you will be allowed to save and return to each weekly quiz. However, once you have submitted it, you will not be able to return to it.
  • For each quiz, you will be allowed two (2) attempts.
  • Absolutely no extensions will be given for quizzes because you will have an entire week to complete it. It you believe that you will have difficulty in completing any quiz or other assignments, I highly recommend that you manage your weekly schedule to accommodate any unanticipated events.


Core Assessment

Write a paper analyzing the current economic situation in the United States. Keep in mind global events, as well as the economic situations of other countries that affect our decisions. Examine the impact of persistent budget deficits on the trade deficit and analyze the options available to policy makers when national savings presents opportunities to improve the trade deficit. Consider different approaches that might be used by Keynesian theorists and monetary theorists to promote long-run macroeconomic stability. Appraise the position of supply-side economists as it relates to government deficits. Evaluate recent national economic policies as they relate to the magnitude of the trade deficit and analyze the arguments for protectionist policies and the effect, if any, upon the trade deficit.

For more information regarding the core assessment, including technical writing requirements and specific points to be discussed, refer to the addendum on eCompanion.

In addition, to determine how the core assessment will be graded, refer to the rubric at the end of this document.


Final Exam

All final exams in all School of Business courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business.

The final exam is comprehensive and will include both multiple choice and short-answer questions. 

  • Absolutely no extensions will be given for the midterm or final without prior approval.


Grading:

Assessment

Frequency & Point Structure

Points

% of Total

Homework Assignments

6 x 33.33

200

20%

Quizzes

6 x 50

300

30%

Core Assessment

1 x 200

200

20%

Final Examination

1 x 300

300

30%

Total Possible Course Points

 

1000

100%


Letter Grade

Points

Grade

1000-900

A

900-800

B

800-700

C

700-600

D

< 600

F




The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business.

Late Submission of Course Materials:

Late submission of any course assignment is subject to partial credit on a rolling basis. You will be deducted 25% off the total grade for every calendar day that it is late up to the fourth day at which point it will be worth zero points.

Classroom Rules of Conduct:

Be respectful, honest and ready to learn. The use of any communication device during class will be taken as a sign of disrespect and I will reduce 5 points from your overall score for every violation. Keep in mind, I do not give warnings.

Course Topic/Dates/Assignments:

Tuesday:

Topic

Activities

October 23

Chapter 1: What is Macroeconomics?

Chapter 2: The Measurement of Income, Prices and Unemployment

HW: due 10/30 by 5pm (PST)

Quiz: due 10/30 by 5pm (PST)

October 30

Chapter 3: Spending, Income and Interest Rates

Chapter 4: Strong & Weak Policy Effects in the IS-LM Model

HW: due 11/6 by 5pm (PST)

Quiz: due 11/6 by 5pm (PST)


November 6

Chapter 5: Financial Markets, Financial Regulation & Economic Instability

Chapter 6: The Government Budget, Government Debt and the Limitations of Fiscal Policy

HW: due 11/13 by 5pm (PST)


Quiz: due 11/13 by 5pm (PST)

November 13

Chapter 7: International Trade, Exchange Rates, and Macroeconomic Policy

Chapter 8: Aggregate Demand, Aggregate Supply, and the Great Depression

Chapter 9: Inflation: Its Causes and Cures

HW: due 11/20 by 5pm (PST)


Quiz: due 11/20 by 5pm (PST)


November 20

Chapter 10: The Goals of Stabilization Policy: Low Inflation & Low Unemployment

Chapter 11: The Theory of Economic Growth

Chapter 12: The Big Questions of Economic Growth

HW: due 11/27 by 5pm (PST)


Quiz: due 11/27 by 5pm (PST)

November 27

Chapter 13: Money, Banks, and the Federal Reserve

Chapter 14: The Goals, Tools, and Rules of Monetary Policy

HW: due 12/4 by 5pm (PST)

Quiz: due 12/4 by 5pm (PST)

December 4

Chapter 17: New Classical Macro and New Keynesian Macro

Chapter 18: Conclusion: Where we Stand


December 11

Research Paper Due / Final Exam

Final Exam



Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life. Park University students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty (www.park.edu/current or http://www.park.edu/faculty/).from Park University 2011-2012 Undergraduate Catalog Page 95-96

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. from Park University 2011-2012 Undergraduate Catalog Page 95

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2011-2012 Undergraduate Catalog Page 98

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation: Judge the relative worth of information based on prior knowledge                                                                                                                                                                               
Outcomes
1, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Provided 5 or more comparisons regarding macroeconomic theoretical concepts and presented them in a logical manner. Provided 3 to 5 comparisons regarding macroeconomic theoretical concepts and presented them in a logical manner. Provided 1 to 3 comparisons regarding macroeconomic theoretical concepts. Provided no economic comparisons regarding macroeconomic theoretical concepts. 
Synthesis: Incorporate parts of an issue to arrive at an appropriate solution.                                                                                                                                                                             
Outcomes
2, 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Applied detailed course content to answer the question and presented the steps in a logical manner. Applied adequate course content to answer the question and presented the steps in a logical manner. Applied minimal course content to answer the question. Applied no course content to answer the question. 
Analysis: The ability to understand the component parts of information and its organization                                                                                                                                                                
Outcomes
2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Identified  at least 5 theoretical components and flawlessly analyzed macroeconomic concepts from the course content to answer the question. Identified 3 to 5 theoretical components and adequately analyzed macroeconomic concepts from the course content to answer the question. Identified 1 to 3  theoretical components and minimally analyzed macroeconomic concepts from the course content to answer the question. Did not identify any theoretical components and provided no analysis of macroeconomic concepts to answer the question. 
Application: Use principles from the discipline as they relate to the Core Learning Outcomes.                                                                                                                                                              
Outcomes
2, 3, 4, 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Exhibits thorough knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits moderate knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits minimal knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits no evidence of knowledge of the course content. 
Content of Communication: Grammar, punctuation, spelling, typing, sentence structure, and readability                                                                                                                                                      
Outcomes
Park Mission Statement: communicate effectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Exhibits excellent command of grammar, punctuation, spelling, typing, sentence structure, and readability.

0 to 5 errors

 
Exhibits good   command of grammar, punctuation, spelling, typing, sentence structure,
and readability.

6 to 10 errors

 
Exhibits adequate command of grammar, punctuation, spelling, typing, sentence structure,
and readability.

11 to 15 errors

 
Exhibits minimal
command of grammar, punctuation, spelling, typing, sentence structure, and readability.

More than 15 errors

 
Technical Skill in Communicating: format items to include adherence to MLA standards, paper length, Works Cited, and internal documentation.                                                                                                               
Outcomes
Park Mission Statement: communicate effectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
0 to 3 errors 4 to 7 errors 8 to 10 errors More than 10 errors 
Disciplinary Competence: appropriate use of terminology.                                                                                                                                                                                                   
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Uses terminology flawlessly to compose responses to questions.

No more than 3 errors
 
Uses terminology adequately to compose responses to questions.

No more than 7 errors
 
Uses terminology minimally to compose responses to question.

No more than 10 errors
 
Uses no terminology to compose responses to question.

More than 10 errors
 
Disciplinary Competence: appropriate use of data.                                                                                                                                                                                                          
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Incorporates the use of data flawlessly, when appropriate, to compose responses to questions. Incorporates the use of data adequately, when appropriate, to compose responses to questions. Incorporates the use of data minimally, when appropriate, to compose responses to questions.
 
Uses no data to compose responses to questions. 

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Last Updated:9/18/2012 10:01:15 AM